Select the best answer. Which of the following statements is true? A. Enterprise funds and internal service funds normally operate at a profit. 0 0 B. Enterprise funds may not operate at a profit, but internal service funds must do so. C. Enterprise funds should have approximately equal revenues and expenditures in each annual period. D. Internal service funds should have approximately equal revenues and expenses over time. Submit Answers The modified accrual basis of accounting for revenues and expenditures is used for which types of funds? O A. Fiduciary funds B. Governmental funds C. Proprietary funds 0 D. Trust funds Submit Answers Select the best answer. Which of the following would likely never be considered a government? O A. Defined benefit pension plans established for the benefit of government employees B. Hospitals C. Labor unions representing government employees D. Nonprofit entities that are established by a government under a state's nonprofit corporation statutes (e.g., volunteer fire departments) Submit Answers Which of the following does not fit the GASB's description of the characteristics of the general government environment? A. Interperiod equity B. The investment in capital assets such as school buildings and streets that do not directly contribute to generating revenues C. The nature of the political process D. The separation of powers between branches of the government O O Submit Answers